Tat Seng Pkg T12

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Financials

Tat Seng Packaging Group Ltd Annual Report 2025

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Consolidated Statement of Profit or Loss

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Consolidated Statement of Profit or Loss from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Revenue
RevenueSGD thousand	231,406	253,938	PDF p. 53
Expenses
Cost of salesSGD thousand	(183,011)	(197,460)	PDF p. 53
Results
Gross profitSGD thousand	48,395	56,478	PDF p. 53
Income
Other incomeSGD thousand	1,728	2,061	PDF p. 53
Expenses
Distribution and selling expensesSGD thousand	(17,016)	(17,192)	PDF p. 53
General and administrative expensesSGD thousand	(14,281)	(16,178)	PDF p. 53
Income
Reversal of allowance made for impairment losses of trade and other receivables (net)SGD thousand	61	203	PDF p. 53
Expenses
Other expensesSGD thousand	(473)	(2,838)	PDF p. 53
Results
Results from operating activitiesSGD thousand	18,414	22,534	PDF p. 53
Finance
Finance incomeSGD thousand	3,651	3,263	PDF p. 53
Finance costSGD thousand	(1,122)	(1,517)	PDF p. 53
Net finance incomeSGD thousand	2,529	1,746	PDF p. 53
Profit
Profit before taxSGD thousand	20,943	24,280	PDF p. 53
Tax
Tax expenseSGD thousand	(2,993)	(4,336)	PDF p. 53
Profit
Profit for the yearSGD thousand	17,950	19,944	PDF p. 53
Profit attributable to
Owners of the CompanySGD thousand	16,887	18,825	PDF p. 53
Non-controlling interestsSGD thousand	1,063	1,119	PDF p. 53
Profit for the yearSGD thousand	17,950	19,944	PDF p. 53
Earnings per share
Earnings per share attributable to owners of the Company (cents per share)Singapore cents per share	10.74	11.98	PDF p. 53

Definitions & sources

Original report: PDF p. 53 ↗

Consolidated Statement of Comprehensive Income

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Consolidated Statement of Comprehensive Income from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Profit
Profit for the yearSGD thousand	17,950	19,944	PDF p. 54
Other comprehensive income: Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences of foreign operationsSGD thousand	(1,594)	(6)	PDF p. 54
Other comprehensive income
Other comprehensive income for the year, net of taxSGD thousand	(1,594)	(6)	PDF p. 54
Total comprehensive income
Total comprehensive income for the yearSGD thousand	16,356	19,938	PDF p. 54
Total comprehensive income attributable to
Owners of the CompanySGD thousand	15,445	18,812	PDF p. 54
Non-controlling interestsSGD thousand	911	1,126	PDF p. 54
Total comprehensive income for the yearSGD thousand	16,356	19,938	PDF p. 54

Definitions & sources

Original report: PDF p. 54 ↗

Statements of Financial Position

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Statements of Financial Position from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Assets
Property, plant and equipmentSGD thousand	79,573	80,009	12,009	13,023	PDF p. 52
Right-of-use assetsSGD thousand	6,948	7,368	6,467	6,824	PDF p. 52
Intangible assetsSGD thousand	1,011	1,025	–	–	PDF p. 52
Investment in subsidiariesSGD thousand	–	–	29,321	29,321	PDF p. 52
Deferred tax assetsSGD thousand	2,173	2,785	737	1,052	PDF p. 52
Assets: non-current
Other financial assetsSGD thousand	22,289	26,533	19,381	12,907	PDF p. 52
Trade and other receivablesSGD thousand	201	216	–	–	PDF p. 52
Assets
Non-current assetsSGD thousand	112,195	117,936	67,915	63,127	PDF p. 52
Assets: current
Other financial assetsSGD thousand	10,916	5,933	–	–	PDF p. 52
InventoriesSGD thousand	24,594	22,095	92	132	PDF p. 52
Bills receivableSGD thousand	25,961	34,539	–	–	PDF p. 52
Trade and other receivablesSGD thousand	47,234	50,524	6,326	15,435	PDF p. 52
Cash on hand and in banksSGD thousand	110,173	97,469	75,590	48,889	PDF p. 52
Assets
Current assetsSGD thousand	218,878	210,560	82,008	64,456	PDF p. 52
Total assetsSGD thousand	331,073	328,496	149,923	127,583	PDF p. 52
Equity
Share capitalSGD thousand	31,440	31,440	31,440	31,440	PDF p. 52
Retained earningsSGD thousand	177,852	167,272	104,611	83,170	PDF p. 52
Other reservesSGD thousand	2,272	3,695	–	–	PDF p. 52
Equity attributable to owners of the CompanySGD thousand	211,564	202,407	136,051	114,610	PDF p. 52
Non-controlling interestsSGD thousand	11,024	11,066	–	–	PDF p. 52
Total equitySGD thousand	222,588	213,473	136,051	114,610	PDF p. 52
Liabilities: non-current
Deferred incomeSGD thousand	709	943	174	190	PDF p. 52
Loans and borrowingsSGD thousand	9,453	6,359	5,746	5,951	PDF p. 52
Deferred tax liabilitiesSGD thousand	2,862	3,488	–	–	PDF p. 52
Liabilities
Non-current liabilitiesSGD thousand	13,024	10,790	5,920	6,141	PDF p. 52
Liabilities: current
Deferred incomeSGD thousand	224	250	16	17	PDF p. 52
Loans and borrowingsSGD thousand	57,850	61,195	375	364	PDF p. 52
Trade and other payablesSGD thousand	36,548	41,134	7,561	6,451	PDF p. 52
Current tax payableSGD thousand	839	1,654	–	–	PDF p. 52
Liabilities
Current liabilitiesSGD thousand	95,461	104,233	7,952	6,832	PDF p. 52
Total liabilitiesSGD thousand	108,485	115,023	13,872	12,973	PDF p. 52
Equity and liabilities
Total equity and liabilitiesSGD thousand	331,073	328,496	149,923	127,583	PDF p. 52

Definitions & sources

Original report: PDF p. 52 ↗

Consolidated Statement of Cash Flows

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Consolidated Statement of Cash Flows from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Cash flows from operating activities
Profit before taxSGD thousand	20,943	24,280	PDF p. 57
Adjustments for
Amortisation of deferred incomeSGD thousand	(245)	(270)	PDF p. 57
Depreciation of property, plant and equipmentSGD thousand	9,630	9,797	PDF p. 57
Depreciation of right-of-use assetsSGD thousand	736	655	PDF p. 57
Dividend incomeSGD thousand	(645)	(65)	PDF p. 57
Interest expenseSGD thousand	1,035	1,209	PDF p. 57
Interest incomeSGD thousand	(2,420)	(3,198)	PDF p. 57
Gain on disposal of property, plant and equipment (net)SGD thousand	(68)	(70)	PDF p. 57
(Gain) /Loss on fair value of financial assets (net)SGD thousand	(586)	191	PDF p. 57
Unrealised loss/(gain) on exchange differences (net)SGD thousand	104	(465)	PDF p. 57
Property, plant and equipment written offSGD thousand	8	116	PDF p. 57
Write-back for impairment losses of inventories (net)SGD thousand	(41)	(51)	PDF p. 57
Reversal of allowance made for impairment losses of trade and other receivables (net)SGD thousand	(61)	(203)	PDF p. 57
Operating activities; adjustment subtotal
SubtotalSGD thousand	28,390	31,926	PDF p. 57
Changes in
– inventoriesSGD thousand	(2,696)	(783)	PDF p. 57
– bills receivableSGD thousand	8,012	(493)	PDF p. 57
– trade and other receivablesSGD thousand	2,672	(1,444)	PDF p. 57
– trade and other payablesSGD thousand	(5,326)	3,996	PDF p. 57
Operating activities
Cash generated from operationsSGD thousand	31,052	33,202	PDF p. 57
Tax paidSGD thousand	(3,851)	(3,508)	PDF p. 57
Net cash from operating activitiesSGD thousand	27,201	29,694	PDF p. 57
Cash flows from investing activities
Proceeds from disposal of property, plant and equipmentSGD thousand	672	195	PDF p. 57
Proceeds from maturity and redemption of other financial assetsSGD thousand	15,867	–	PDF p. 57
Acquisition of property, plant and equipmentSGD thousand	(9,449)	(3,916)	PDF p. 57
Acquisition of right-of-use assetsSGD thousand	–	(434)	PDF p. 57
Acquisition of other financial assetsSGD thousand	(15,851)	(15,886)	PDF p. 57
Interest receivedSGD thousand	1,957	2,808	PDF p. 57
Dividend receivedSGD thousand	689	21	PDF p. 57
Net cash used in investing activitiesSGD thousand	(6,115)	(17,212)	PDF p. 57
Cash flows from financing activities
Interest paidSGD thousand	(1,042)	(1,212)	PDF p. 57
Dividends paid to owners of the CompanySGD thousand	(6,288)	(7,860)	PDF p. 57
Dividends paid to non-controlling interestsSGD thousand	(953)	(1,422)	PDF p. 57
Proceeds from loans and borrowingsSGD thousand	89,500	99,148	PDF p. 57
Repayment of loans and borrowingsSGD thousand	(88,638)	(107,406)	PDF p. 57
Payment on lease liabilitiesSGD thousand	(571)	(515)	PDF p. 57
Changes in pledged depositsSGD thousand	(601)	2,006	PDF p. 57
Net cash used in financing activitiesSGD thousand	(8,593)	(17,261)	PDF p. 57
Cash and cash equivalents
Net increase/(decrease) in cash and cash equivalentsSGD thousand	12,493	(4,779)	PDF p. 57
Cash and cash equivalents at 1 JanuarySGD thousand	89,801	94,571	PDF p. 57
Effect of exchange rate fluctuations on cash heldSGD thousand	(287)	9	PDF p. 57
Cash and cash equivalents at 31 DecemberSGD thousand	102,007	89,801	PDF p. 57

Definitions & sources

Original report: PDF p. 57 ↗

Consolidated Statement of Changes in Equity — FY2024

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Consolidated Statement of Changes in Equity — FY2024 from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2024GroupShare capital	2024GroupRetained earnings	2024GroupOther reserves	2024GroupTotal attributable to owners	2024GroupNon-controlling interests	2024GroupTotal equity	Source
Group equity movements FY2024
At 1 January 2024SGD thousand	31,440	156,307	3,708	191,455	11,362	202,817	PDF p. 55
Profit for the yearSGD thousand	–	18,825	–	18,825	1,119	19,944	PDF p. 55
Foreign currency translation differencesSGD thousand	–	–	(13)	(13)	7	(6)	PDF p. 55
Total other comprehensive incomeSGD thousand	–	–	(13)	(13)	7	(6)	PDF p. 55
Total comprehensive income for the yearSGD thousand	–	18,825	(13)	18,812	1,126	19,938	PDF p. 55
Dividends to owners of the CompanySGD thousand	–	(7,860)	–	(7,860)	(1,422)	(9,282)	PDF p. 55
Total distributions to ownersSGD thousand	–	(7,860)	–	(7,860)	(1,422)	(9,282)	PDF p. 55
Total transactions with ownersSGD thousand	–	(7,860)	–	(7,860)	(1,422)	(9,282)	PDF p. 55
At 31 December 2024SGD thousand	31,440	167,272	3,695	202,407	11,066	213,473	PDF p. 55

Definitions & sources

Original report: PDF p. 55 ↗

Consolidated Statement of Changes in Equity — FY2025

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Consolidated Statement of Changes in Equity — FY2025 from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025GroupShare capital	2025GroupRetained earnings	2025GroupOther reserves	2025GroupTotal attributable to owners	2025GroupNon-controlling interests	2025GroupTotal equity	Source
Group equity movements FY2025
At 1 January 2025SGD thousand	31,440	167,272	3,695	202,407	11,066	213,473	PDF p. 56
Profit for the yearSGD thousand	–	16,887	–	16,887	1,063	17,950	PDF p. 56
Foreign currency translation differencesSGD thousand	–	–	(1,442)	(1,442)	(152)	(1,594)	PDF p. 56
Total other comprehensive incomeSGD thousand	–	–	(1,442)	(1,442)	(152)	(1,594)	PDF p. 56
Total comprehensive income for the yearSGD thousand	–	16,887	(1,442)	15,445	911	16,356	PDF p. 56
Dividends to owners of the CompanySGD thousand	–	(6,288)	–	(6,288)	(953)	(7,241)	PDF p. 56
Total distributions to ownersSGD thousand	–	(6,288)	–	(6,288)	(953)	(7,241)	PDF p. 56
Total transactions with ownersSGD thousand	–	(6,288)	–	(6,288)	(953)	(7,241)	PDF p. 56
Appropriation of retained earnings to statutory reserve fundSGD thousand	–	(19)	19	–	–	–	PDF p. 56
At 31 December 2025SGD thousand	31,440	177,852	2,272	211,564	11,024	222,588	PDF p. 56

Definitions & sources

Original report: PDF p. 56 ↗

Five-Year Financial Summary — Results of Operations

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Five-Year Financial Summary — Results of Operations from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Five-Year Financial Summary — Results of Operations
RevenueSGD thousand	231,406	253,938	258,868	336,264	367,513	PDF p. 8
Gross profit%	20.9	22.2	22.1	17.5	18.8	PDF p. 8
Profit before taxSGD thousand	20,943	24,280	25,977	23,799	31,047	PDF p. 8
Profit attributable to owners of the CompanySGD thousand	16,887	18,825	18,844	20,668	23,313	PDF p. 8
Profit for the year%	7.8	7.9	7.7	6.3	6.9	PDF p. 8
EBITDASGD thousand	32,431	36,250	37,645	36,417	44,098	PDF p. 8

Definitions & sources

Original report: PDF p. 8 ↗

Five-Year Financial Summary — Financial Indicators

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Five-Year Financial Summary — Financial Indicators from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Five-Year Financial Summary — Financial Indicators
Return on shareholders equity%	8.0	9.3	9.8	11.2	12.7	PDF p. 8
Earnings per shareSingapore cents per share	10.74	11.98	11.99	13.15	14.83	PDF p. 8
Net asset value per shareSingapore cents per share	134.58	128.76	121.79	117.81	116.64	PDF p. 8
Dividend per share*Singapore cents per share	40.00	6.00	4.50	4.00	4.00	PDF p. 8
Cash and bank balancesSGD thousand	110,173	97,469	104,240	82,784	93,703	PDF p. 8
Net (cash)/debt to equity ratio%	(2.8)	5.3	4.4	11.6	22.9	PDF p. 8

Definitions & sources

Original report: PDF p. 8 ↗

Cash on Hand and in Banks

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Cash on Hand and in Banks from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Cash on Hand and in Banks
Fixed depositsSGD thousand	80,768	50,006	72,768	43,006	PDF p. 86
Cash at banks and in handSGD thousand	29,405	47,463	2,822	5,883	PDF p. 86
Cash on hand and in banksSGD thousand	110,173	97,469	75,590	48,889	PDF p. 86

Definitions & sources

Original report: PDF p. 86 ↗

Cash and Cash Equivalents Reconciliation

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Cash and Cash Equivalents Reconciliation from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Cash and Cash Equivalents Reconciliation
Fixed depositsSGD thousand	80,768	50,006	PDF p. 86
Cash at banks and in handSGD thousand	29,405	47,463	PDF p. 86
Cash and bank balancesSGD thousand	110,173	97,469	PDF p. 86
Cash and bank balances pledged as security for bills payable granted to the GroupSGD thousand	(8,166)	(7,668)	PDF p. 86
Cash and cash equivalentsSGD thousand	102,007	89,801	PDF p. 86

Definitions & sources

Original report: PDF p. 86 ↗

Fully Paid Ordinary Shares, with No Par Value

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Fully Paid Ordinary Shares, with No Par Value from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group and Company	2024Group and Company	Source
Fully Paid Ordinary Shares, with No Par Value
At 1 January and 31 Decemberthousand shares	157,200	157,200	PDF p. 86

Definitions & sources

Original report: PDF p. 86 ↗

Earnings per Share Calculation

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Earnings per Share Calculation from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Earnings per Share Calculation
Profit, net of tax, attributable to owners of the CompanySGD thousand	16,887	18,825	PDF p. 94
Weighted average number of ordinary shares for basic and diluted earnings per share computationthousand shares	157,200	157,200	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Dividends Declared and Paid to Owners

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Dividends Declared and Paid to Owners from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group and Company	2024Group and Company	Source
Dividends Declared and Paid to Owners
Final exempt (one-tier) dividend at $0.030 (2024: $0.020) per ordinary share in respect of the previous financial yearSGD thousand	4,716	3,144	PDF p. 94
Interim exempt (one-tier) dividend at $0.010 (2024: $0.030) per ordinary share in respect of the current financial yearSGD thousand	1,572	4,716	PDF p. 94
Total dividends paid to owners of the CompanySGD thousand	6,288	7,860	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Dividends Paid by Subsidiaries to NCI

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Dividends Paid by Subsidiaries to NCI from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Dividends Paid by Subsidiaries to NCI
Dividends in respect of the current financial yearSGD thousand	953	1,422	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Dividends Proposed After Reporting Date

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Dividends Proposed After Reporting Date from Tat Seng Packaging Group Ltd Annual Report 2025
Metric / unit	2025Group and Company	2024Group and Company	Source
Dividends Proposed After Reporting Date
Special exempt (one-tier) dividend at $0.340 (2024: $Nil) per ordinary share in respect of current financial yearSGD thousand	53,448	–	PDF p. 95
Final exempt (one-tier) dividend at $0.050 (2024: $0.030) per ordinary share in respect of current financial yearSGD thousand	7,860	4,716	PDF p. 95

Definitions & sources

Original report: PDF p. 95 ↗

Where the money comes from

Segment information

By geography

Segment information (geographical) - 31 December 10 lines

Segment information (geographical) - 31 December
Item / unit	2025Singapore	2025PRC	2025Group	2024Singapore	2024PRC	2024Group	Source
Revenue
Sales to external customers$'000	42,309	189,097	231,406	45,955	207,983	253,938	PDF p. 110
Results
Results from operating activities$'000	2,682	15,732	18,414	4,396	18,138	22,534	PDF p. 110
Finance income$'000	2,987	664	3,651	2,310	953	3,263	PDF p. 110
Finance costs$'000	(235)	(887)	(1,122)	(456)	(1,061)	(1,517)	PDF p. 110
Net finance income/(costs)$'000	2,752	(223)	2,529	1,854	(108)	1,746	PDF p. 110
Assets
Segment assets$'000	145,281	183,619	328,900	124,938	200,773	325,711	PDF p. 110
Liabilities
Segment liabilities$'000	15,441	89,343	104,784	15,947	93,934	109,881	PDF p. 110
Other
Capital expenditure$'000	980	9,651	10,631	1,630	2,283	3,913	PDF p. 110
Depreciation of property, plant and equipment$'000	2,735	6,895	9,630	2,604	7,193	9,797	PDF p. 110
Depreciation of right-of-use assets$'000	708	28	736	627	28	655	PDF p. 110

Notes

Two reportable segments are geographical segments: Singapore and PRC. Geographical segments are defined based on the location of the Group's assets; sales to external customers are based on the location of customers.

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly income tax and deferred tax assets and liabilities. Segment revenue, expenses and results include transfers between business segments, eliminated on consolidation.

Cells printed only in the Group column are left as empty strings.

Same basis as the 2025 table. Major customer: revenue from a customer of the Group's PRC segments represents approximately $23,407,000 (2024: $28,181,000) of the Group's total revenues.

Debt

Borrowings

Liquidity risk - Group contractual maturity of loans and borrowings

Liquidity risk - Group contractual maturity of loans and borrowings — Group 31 December 2025
Item / unit	2025carrying amount $'000	2025contractual cash flows $'000	2025within 1 year $'000	2025after 1 year but within 5 years $'000	2025more than 5 years $'000	Source
Group 31 December 2025
Loans and borrowings$'000	67,303	(69,416)	(58,413)	(6,099)	(4,904)	PDF p. 100

Notes

Expected contractual undiscounted cash outflows including interest payments and excluding netting agreements.

Liquidity risk - Group contractual maturity of loans and borrowings

Liquidity risk - Group contractual maturity of loans and borrowings
Item / unit	2025Group 31 December 2025, carrying amount $'000	2025Group 31 December 2025, contractual cash flows $'000	2025Group 31 December 2025, within 1 year $'000	2025Group 31 December 2025, after 1 year but within 5 years $'000	2025Group 31 December 2025, more than 5 years $'000	2024Group 31 December 2024, carrying amount $'000	2024Group 31 December 2024, contractual cash flows $'000	2024Group 31 December 2024, within 1 year $'000	2024Group 31 December 2024, after 1 year but within 5 years $'000	2024Group 31 December 2024, more than 5 years $'000	Source
Group 31 December
Loans and borrowings$'000	67,303	(69,416)	(58,413)	(6,099)	(4,904)	67,554	(70,856)	(63,176)	(2,844)	(4,836)	PDF p. 100

Notes

Expected contractual undiscounted cash outflows including interest payments and excluding netting agreements.

Expected contractual undiscounted cash outflows including interest payments.

Liquidity risk - Company contractual maturity of loans and borrowings

Liquidity risk - Company contractual maturity of loans and borrowings
Item / unit	2025Company 31 December 2025, carrying amount $'000	2025Company 31 December 2025, contractual cash flows $'000	2025Company 31 December 2025, within 1 year $'000	2025Company 31 December 2025, after 1 year but within 5 years $'000	2025Company 31 December 2025, more than 5 years $'000	2024Company 31 December 2024, carrying amount $'000	2024Company 31 December 2024, contractual cash flows $'000	2024Company 31 December 2024, within 1 year $'000	2024Company 31 December 2024, after 1 year but within 5 years $'000	2024Company 31 December 2024, more than 5 years $'000	Source
Company 31 December
Loans and borrowings$'000	6,121	(7,368)	(576)	(2,112)	(4,680)	6,315	(7,693)	(534)	(2,587)	(4,572)	PDF p. 101

Notes

Corporate guarantees (5,503) within 1 year are shown separately and are not loans and borrowings.

Corporate guarantees (5,583) within 1 year are shown separately.

Borrowing notes 1 tables

Loans and borrowings

Loans and borrowings
Item / unit	2025Group, $'000	2024Group, $'000	2025Company, $'000	2024Company, $'000	Source
Non-current
Lease liabilities$'000	6,107	6,359	5,746	5,951	PDF p. 88
Unsecured loans$'000	3,346	–	–	–	PDF p. 88
Current
Bills payable*$'000	31,036	28,894	–	–	PDF p. 88
Secured loans*$'000	–	11,151	–	–	PDF p. 88
Lease liabilities$'000	515	519	375	364	PDF p. 88
Unsecured loans$'000	26,299	20,631	–	–	PDF p. 88
Total
Total loans and borrowings$'000	67,303	67,554	6,121	6,315	PDF p. 88

Notes

* See note 4 for securities pledged.

Printed subtotals: non-current Group 9,453 (2025) / 6,359 (2024), Company 5,746 / 5,951; current Group 57,850 / 61,195, Company 375 / 364.

Lease liabilities are presented within loans and borrowings.

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
Dividend Policy	The Company has in place a dividend policy. The frequency, form and amount of any dividend to be declared are not fixed and are dependent on the Group’s profit, cash flow, capital requirements for investment and growth, general business conditions and other factors as the Board deems appropriate.	Company	PDF p. 38

Dividends declared and proposed

Item	Value	Period / scope	Source
Final exempt (one-tier) dividend at $0.050 (2024: $0.030) per ordinary	0.050 $ per ordinary share	Group and Company, final dividend proposed for FY2025 (after reporting date)	PDF p. 95
Final exempt (one-tier) dividend at $0.050 (2024: $0.030) per ordinary	0.030 $ per ordinary share	Group and Company, final dividend for FY2024 (comparative)	PDF p. 95
Special exempt (one-tier) dividend at $0.340 (2024: $Nil) per ordinary	0.340 $ per ordinary share	Group and Company, special dividend proposed for FY2025 (after reporting date)	PDF p. 95
Interim exempt (one-tier) dividend at $0.010 (2024: $0.030) per ordinary	0.010 $ per ordinary share	Group and Company, interim dividend FY2025	PDF p. 94
Interim exempt (one-tier) dividend at $0.010 (2024: $0.030) per ordinary	0.030 $ per ordinary share	Group and Company, interim dividend FY2024 (comparative)	PDF p. 94
Interim dividend payment date	12 November 2025	Interim dividend FY2025	PDF p. 4
Proposed final and special dividend payment date	16 June 2026	Proposed final and special dividends FY2025	PDF p. 4

Payout

Item	Value	Period / scope	Source
Dividend per share*	40.00 cents	Group, FY2025; five-year summary, 2025 column	PDF p. 8
Dividend per share*	6.00 cents	Group, FY2024 comparative; five-year summary, 2024 column	PDF p. 8

Extracted from Tat Seng Packaging Group Ltd Annual Report 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

Item	Value	Period / scope	Source
Audit firm	KPMG LLP	Group	PDF p. 51
Engagement partner	Voo Poh Jee	Group	PDF p. 51
Opinion	properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (‘SFRS(I)s’) so as to give a true and fair view	Group and Company, year ended 31 December 2025	PDF p. 48

Key audit matters

Item	Value	Period / scope	Source
Impairment assessment of property, plant and equipment, right-of-use assets and intangible assets	The recoverable amount of each of these CGUs is determined based on their value-in-use calculations, which involve significant judgement in respect of key assumptions.	Group · As at 2025-12-31	PDF p. 49

Extracted from Tat Seng Packaging Group Ltd Annual Report 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow Tat Seng Packaging Group Ltd Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

Dividend per share is based on dividend declared for the financial year. FY2025 40.00 Singapore cents includes 1.00 cent interim dividend, 5.00 cents proposed final dividend and 34.00 cents proposed special dividend. Proposed dividends after reporting date have not been provided for; this is not the amount of dividends paid during FY2025.

The financial summary reports gross profit and profit for the year as percentages. Profit for the year percentage uses total Group profit, separately from profit attributable to owners.

Amounts are in SGD thousands unless the row states otherwise. Group includes subsidiaries; Company means Tat Seng Packaging Group Ltd. Parentheses indicate negative figures; original dashes are retained.

The audited primary statements disclose separate Company financial position, but no separate Company primary profit/OCI, equity or cash-flow statement. Complete Group equity movements are disclosed for FY2024 and FY2025.

Bank balances include pledged deposits. FY2025 SGD 110,173 thousand less pledged deposits of 8,166 gives cash equivalents of 102,007; FY2024 SGD 97,469 less 7,668 gives 89,801 (PDF p.86).

Note 33 defines net debt to include loans and borrowings plus trade and other payables less cash on hand and in banks. The five-year summary prints net (cash)/debt to equity of (2.8)% and 5.3% for FY2025/2024. The comparison using total Group equity reproduces these percentages; the separate capital-management description is retained (PDF pp.8,107).

Five-year figures reproduce the FY2021–2025 comparisons disclosed in the FY2025 annual report.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.